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will ask them how the "fiscal cliff" could impact their lives. on tuesday, he invited small business owners into the oval as of to offer their ideas. >> they had one message for the president at the oval office, they need certainty. please get this deal done as soon as possible. >> reporter: but spend anytime on capitol hill and it's easy to see a deal isn't forthcoming soon. >> there's been little progress with the republicans, which is a disappointment to me. >> their hard left doesn't want to change anything ever. they think any dollars spent or any commitment made by the federal government on any program at any time ought to be there in perpetuity. >> we are not going to accept an unfair deal that hurts middle class america today and protects the wealthiest americans. >> reporter: the president and congressional leaders have no talks scheduled for this week. susan mcginnis, cbs 5, washington. >>> president obama will continue his push for public support this week. he is set to meet with big business leaders and then on friday will hit the road traveling to pennsylvania. >>> the u.s. amb
think the fiscal cliff was a concern for business and you could see in confidence numbers coming off and the pullback in capital spending. consumers are feeling good, home prices are up, the job market has gotten a little bit better and you can see consumer confidence rising to the highest level of the recovery. but after the election now front and center all the coverage really is the fiscal cliff, the warnings, what might happen. that is finally, as a result, starting to hit home. in october, for example, very few people have the fiscal cliff on the radar screen. now half of them are worried about it. i think it has moved up the list now for the first time for consumers. melissa: to ask why they are not buying more, they will stand so darn right about that fiscal cliff, i will not get an extra toy. >> how they really feel it is the equity market is not doing well in the last month. that is what brings it home for consumers. you can ask how has the economy thabeen doing the last couple of weeks they don't feel quite as good as they did a couple of months ago. a lolove that is the eq
with the business community for some time and holding meetings with the c.e.o.'s since august. and with the fiscal cliff starting this month. it will fix a rocky relationship with the business community. no longer do we hear the fat cat talk but we hear the urgency and what strikes me is we are hearing from people we never hear from before at businesses, including the c.e.o. of walmart or walgreens or c.v.s., the c.e.o. of walmart is saying we don't need the uncertainty and the customers don't. and c.e.o. of c.v.s. is saying to washington, dc, our american families, our customers do their own budgeting, they don't need what is coming out of washington, dc, right enjoy, but they want to know you are working on our behalf and walgreens saying the c.e.o. saying the lack of fiscal chair difficult in washington, dc, this is holding back walgreens from investing and creating jobs and creating economic pregnant for -- economic growth for the country. >>neil: i worry about those companies who could use this as a excuse for bad sales or down gravity in their stock and blame it on the fiscal cliff when it h
returned from the holidays still facing the fiscal cliff. if a deal can't be reached by january 1st americans will face half a trillion more in taxes next year coupled with a hundred billion dollars in cuts to domestic and defense spending. since the reagan era most republicans have day caretaken promising they won't raise taxes. mike viqueira says there may be flexibility on both sides of the aisles. >> reporter: it's a pledge almost all republicans have signed to oppose tax increases of any kind. today shit was showing cracks. >> the world has changed and the economic situation is different. >> reporter: republicans insist in return for defying part doctrine they must have changes in social security and medicare. >> i will sign only if they undo entitlement reform. >> reporter: be president has put them on the table before. during last year's failed talks on a grand bargain and more recently in his first post election press conference. >> we have to continue to take a serious look at how we reform our entitlements because health care costs continue to be the biggest driver of our
the fiscal cliff. we have tracie potts with details from washington. >> reporter: today, president obama meets with small business leaders. a new white house economic report warns if tax breaks go away, the average middle class family will owe uncle sam $2,200 next year. >> middle class families should see an extension of the tax cuts. >> reporter: some republicans who have been dead set against raising taxes on anyone now hint they may consider other options. >> we have been open to revenue by closing loopholes as long as it is tied to spending cuts and pro-growth tax reform that broadens base. >> you don't raise rates. you cap the amounts of eitemize deductions. >> reporter: america is borrowing too much money trying to keep social security and medicare afloat. >> there will come a point in time where we can't borrow anymore money and interest rates will sky rocket. >> this congress is already one vote away from avoiding the fiscal cliff. >> reporter: and no word yet on when the next white house meeting will happen. tracie potts, nbc news, washington. >>> thank you. the governor of new
this fiscal cliff how would it effect the small businesses in this country? >> well, i think right now, ar they will. that's t -- arthel that's the big question. most have no idea what they are facing. if all of the bush tax cuts do expire as they are slated to do then small business owners would be looking at massive tax hikes across the boards. right now they are filling out their budgets for the following year doing something congress has not been able to do in years. but they are filling out their budget. if they think they are facing a huge tax hike, what they are going to do is they are not going to hire people. they are going to lay people off. we have this other new aspect to all of it which is they are going to triple worker's hours so they can avoid the new obama care tax that is slated to kick in. >> tell me this because we do talk about the small businesses. we want them to be alive and vibrant. what percentage of small businesses would be effected if the tax rates did increase? >> well, based on what president obama has said so far, he would not allow taxes to go up for anybod
, and businesses tend to be more worried about things like the fiscal cliff, they're more worried about the troubles in europe, they're more worried about the slowdown in china. you do have the disconnect. the big concern is which way is it going to go? who is going to win this tug-of-war? so far it's the consumer but let's hope it's not the other direction because as i said, let's hope that the businesses will eventually come around to thinking about things the way consumers are. . >> brown: nancy cohen, i want to come back to you on the question of online shopping and the changed landscape. does the rise of online shopping have a real impact on the economy or is it sort of shifting, transferring, where people buy their things? >> well, that's a very open question, partly because this is so new. the marriage and the magic of online plus brickes and mortar. i mean, there's no question people are visiting online web sites more often than they do stores. whether that adds up to incremental organic growth is a question we just don't know. remember, we're starting with all online sales from
have to avoid the fiscal cliff. it is critical, it is 50. we need also for us as a business to have fiscal clarity so we can make the investment to create jobs and economic prosperity and in order for us to meet our needs what is interesting is we have representative john boehner talking about putting obamacare in the fiscal cliff discussion and they did not come downie their way on that but they are stepping out talking about the urgent need to fix the fiscal cliff. >> these companies have two strikes against the. the fiscal cliff and obamacare and reliant on prescriptions for elderly. liz: it is not generic but cheap drugs, being fixed. again and again i am watching the slow parade of ceos and companies, you see the usual suspects. is striking to see walgreen's and cvs because these guys don't discuss public policy and i don't think it is to butter up the guys in washington. i don't think any a seat at the table. dave: when you said she drug all of our crew looked up. what is going on? i don't know. i just throw that in. see you later. coming up next a look at the important news o
house. >>> let's look closer at this fiscal cliff. peter morrissey, professor of international business at university of maryland, director of economics at the u.s. international trade during the clinton administration. good to see you this holiday weekend. >> nice to be with you. >> so, what is the real world deadline for this fiscal cliff? what are the real consequences of not getting a deal done? >> well, there are a couple of deadlines. the deadline for the expiration of the bush i've era tax cuts, the obama tax cuts that help the economy, and the deficit. raising the ceiling on the debt. my feeing is they probably can go past january 1 but not far past it. and still not fall off the cliff. around january 15th. >> so now if there are to be some real groundwork laid by congress as they return after the holiday weekend, what really needs to get done, if we look at over the next six weeks, even though you say we've got past january 1, what should they try to accomplish this week? >> well, i think they need to start to spell out spending cuts. i mean, the president has made clear what h
like he is still campaigning. to make the public case for strategizing the fiscal cliff. friday he will be meeting with business owners, small business owners. at the white house today the president will meet and tomorrow with middle-class americans. >> an 18 year-old accused of killing a man and injuring and police officer will be arraigned this week. here is a video of the other suspect in this case who was in court last wednesday. there china find a connection between the two. both are being held for murder, armed robbery, and attempted murder of a police officer. the drama of a 14 year-old boy charged as an adult with attempted murder sexaul assault and kidnapping of a 65 year-old woman has been postponed. caviar king was scheduled to be arraigned in court yesterday. authorities say he of the to the woman at dusk force to drive several miles away where he assaulted and beat her before leaving her in a ditch. police described attack as random. >> the two leaders will be remembered today. the commemoration will have two parts of the ceremony on the steps of city hall at 430 this
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top business leaders on how the administration and congress can solve the crisis over the fiscal cliff. and fitch slashes argentina's rating by five notches on fears over a possible default. we'll speak to a bondholder who once represented the country's creditors. >>> first, let's check in on european markets. they are opening in the red, as you can see there. wow. a significant leg down on the ibex 35 there just since the last time we've checked in. now 1.3%, that index is shedding. the others holding up a little bit better, but still seeing losses. let's take a look at the bond space and see if a similar tone is con veiled. we are seeing yields continue to fall on a bit of a rally, including in the periphery where spain is yielding 4.5% in italy. earlier, we saw the euro/dollar weaker and still is by about .2 of a percent. also keeping an eye on that dollar/yen, which is dropping by half a percent today to 81-70. so below 82. for more, let's head over to deirdre wong morris. the shanghai composite has closed in the red again, extending one of the longest bear market runs in three yea
to the "fiscal cliff," it might seem like a bad time for business to bet the farm. but that is exactly what some bay area businesses are doing. cbs 5 reporter mike sugerman shows us they are hoping today's risk will be tomorrow's reward. >> reporter: the company is called jive. these days business is anything but. >> we hired over 100 people throughout the course of 2012. we have opened a new office in san francisco. >> reporter: tony zingale runs the company a social software for the workplace and it's booming not falling off a "fiscal cliff" not concerned with dark clouds over europe. it sees itself on the leading edge of recovery. >> economic downturns always have an up turn at some point and the great companies are the ones that are prepared for that. >> certainly good times in san francisco or they are coming back strong. >> reporter: at the chamber of commerce they point to a lowering unemployment rate and more jobs led by tech, healthcare and tourism. where will they all sleep in where are they going to recline? on their power recliner? >> we're cautiously optimistic. >> reporter: that th
drawing is on wednesday night. good luck, everyone. >>> the fiscal cliff is fast approaching with congress getting back to business this week, is there new hope that a deal can get done? >>> and hopefully congress will be able to avoid a scene like this one. a close-up view of mayhem at the mall during black friday. what do you got? restrained driver in a motor vehicle. sir, can you hear me? two, three. just hold the bag. we need a portable x-ray, please! [ nurse ] i'm a nurse. i believe in the power of science and medicine. but i'm also human. and i believe in stacking the deck. [ female announcer ] to nurses everywhere, thank you, from johnson & johnson. [ female announcer ] to nurses everywhere, you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner.
the fiscal cliff. and what is the president doing? yesterday, he met with small business leaders. at the white house. the white house met with leaders of jack lew, the chief of staff. met with leaders of the chamber of commerce. today the president is meeting with some middle class americans who would be severely impacted if the middle class tax cuts were to expire. what this article really references is the president the white house announced yesterday is going on the road on friday, he's going back. he's going up to pennsylvania. going to visit a toy store -- last saturday, he also visit at small business, bookshop with his daughters. in arlington virginia. to make the point. the president is going out there, the white house now says he will be going around the country and building up popular support for his plan and putting pressure on congress to pass his plan and republicans are suddenly whining and crying. mitch mcconnell says yesterday, this is terrible for the president to be out there campaigning. >> rather
the fiscal cliff factor in? we'll talk strategy with a former lottery winner. >> we begin with the fiscal cliff. this afternoon president obama is scheduled to meet with several business leaders including ceos of home depot, macy's, caterpillar and at&t but futures are falling with signs there are troubles with negotiations on capitol hill. a market credible deal to solve the cliff is key to economic growth. >> that annual growth idea, that prospect is real in my view if we actually did get a market credible $4 trillion plan. the markets would realize those guys can govern. the big question is can we get a market credible plan. what would it look like at this point? >> senator reid said we won't have one. everyone has to get used to that. warren buffett talking about going over. probably going to happen in january. i feel like we're going to go over. you can meet with all of the ceos you want to. doesn't really matter. 200,000 people in a room. doesn't really matter. norquist saying don't have a deal. have to raise taxes. democrats don't seem to favor lowered defense budget and favor high
house now with the fiscal cliff looming. what is it 36 days left i think, before we might go over the cliff. what is on the president's agenda, david jackson covers the white house for "usa today." how are you? >> fine bill. how are you? >> bill: good. i missed my favorite event of the year, last week which was the pardoning of the thanksgiving day turkey. >> absolutely. he cracked a few jokes, making crack about something like his last gift. and he also made a nate silver joke. >> bill: oh, did he? >> yeah, saying nate silver was right on on which turkey would be pardoned this year. >> bill: that's great. i read in the tribune the fact that there was a big turn out of the press corps. >> yeah a lot of reporters brought family and friends because it's an easy event to get people into. >> bill: well, it is the party season. i got my invitation to the annual christmas party. >> yeah, the number keeps going up exponentially, but i think it is about 20. and he'll be shaking thousands of hands. they stand there in some room off of the white house, and you get to sha
of the economy, the fiscal cliff, and taxing the rich. >>> and actress scarlett johansson talks about the oscar buzz surrounding her new role in "hitchcock." >>> and now keep it on this channel for continuing local news, weather, sports, and more. i'm lynn berry. thanks for watching "early today," just your first stop of the day, today on your nbc station. have a good one.
fiscal cliff plan. that is the latest from the fox business network, giving you the power to prosper melissa: so even if lawmakers and the white house do reach a deal to raise tax rates on the nation's top income earners will that significantly cut into our nation's huge debt problem? check this out for some context. during the 201 fiscal year, it costs nearly $9.7 billion a day to run the federal government. oh. the additional revenue from ending the bush-era tax cuts would average $82 billion a year. so that is enough money to run the government for eight and a half days. lori: cue outrage. >> well, the math is very simple. all we have to do is figure out the other 357 days. i don't see what the big deal is. lori: got to be spending cuts, right? this is the crux of the matter. taxes are frustrating and i understand your point but can't come without cuts. >> we've been talking about the fiscal cliff for a very long time. we've been warned of it amply. we've talked about it in detail. the reality right now we're going to find out how smart this president is, how smart the republicans
about 30 more minutes of business. >> top ceos set for a fiscal cliff meeting with president obama just over an hour from now. we're going to take you live to the white house next. plus, we'll hear from one democratic lawmaker willing to dive head first off the cliff if that's what it takes to reach what he thinks is a good deal on tax hikes while protecting entitlements. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like f
from avoiding the fiscal cliff for middle class families and small businesses. >> republicans point to a study done by the winston group which is a republic research firm which says 65% of americans back tax reform and spending cuts over raising taxes, shep. >> shepard: we are hearing now that house republicans are planning to meet with ceos up on the hill a day after tomorrow. >> top ceos and top fiscal experts two weeks after president obama essentially did the same thing. the ceos of etna inc., honey well international and irskin bowles are amongst those scheduled to attend. half the bowls simpson deficit planned and laid out own formula to save $2 trillion. it is clear republicans like his ideas which would generate $800 billion in revenue through tax reform. meanwhile so much tax reform about allowing the bush tax cuts to allow the wealthy tox expire cost $9.69 billion a day to run. estimated additional revenue from allowing the bush tax cuts to expire would generate an average of $82.4 billion a year. so the money saved would run the government for 8 and a half days, shep. >>
and harry reid over the weekend about avoiding the fiscal cliff. the president will meet with small business owners today. tomorrow he meets with middle class americans who would be affected by tax hikes and more business leaders. friday he's going to travel to hatfield pennsylvania where he will give campaign style remarks to get support for congress to negotiate the right kind of deal. we are back with more steph after this. ♪ [ ♪ theme ♪ ] >> announcer: ladies and gentlemen, it's the "stephanie miller show." ♪ >> yahoo, it is the "stephanie miller show," welcome to it. 1-800-steph-1-2 toll free from everywhere. steven weber. he will be there nobody panic he will be right there. charlie pierce said some good stuff about the fiscal cliff and other things. this is going to be a fascinating discussion. the president playing three dimensional chess. told you so. >> never mind. >> never mind. >> corn? when did we book corn? [ laughter ] >> oh, you kids. i swear. all right, you know what? i think there's a little estrogen in the clubhouse. ♪ ♪ >> hi, jackie schechner. >> good morning
blitz this week highlighting his efforts to steer clear of the "fiscal cliff." he will first meet with small business owners at the white house today. at the other end of pennsylvania avenue, fellow democrat senator dick durbin will give what's being called a major speech laying out a case for a bipartisan deal. durbin's a member of the senate's gang of 8, four democrats and four republicans who have collaborated on ways to reduce the nation's debt for 2 1/2 year. democratic senator mark warner is also in the gang and says democrats are willing to put entitlements like medicaid and medicare on the negotiating table. >> the math just doesn't work anymore not because the programs are bad but because thank goodness we're living a lot longer. >> reporter: republicans are also signalling they are more open to compromise. they say they will agree to raising tax revenue by limiting deductions for the wealthy. >> without compromising our principles we recognize that while democrats don't run this town neither do we. >> reporter: but the two sides remai
-called fiscal cliff, and they're not holding back. elizabeth macdonald is with the fox business network. okay, liz, so who are these corporations, and what exactly are they saying? >> good to be with you, arthel. it's walmart, cvs and wall greens. walmart or is basically saying, look, customers don't need the uncertainty over tax increases, and let's get to cvs caremark because these two drug store chains are basically making rare public policy statements that we've never seen before from these companies. they're urging washington to avoid the fiscal cliff. cvs caremark is essentially saying, look, our customers are hard working american families, they make decisions on the budget. they've been faced with, basically, persistent high unemployment, fragile economic growth, and they want to know that d.c. is working on their behalf. so and that was also the same sentiment that you heard out of walgreens. walgreens also saying, basically, the health of the u.s. economy, the recovery and american families depends on a consensus agreement in washington, d.c. to avoid the fiscal cliff, and walgreens
ryan, who is in the midst of all of these fiscal cliff negotiations. so it is a busy time in washington right now. and mitt romney will be coming right into the thick of all of this. but, you know, a lot of this is happening just as it seems the romney folks and people in romney world are trying to resuscitate mitt romney's image somewhat. you see stu stevens taking out an op-ed in the washington post just today, brooke, talking about how losing is just losing, and that it is not a mandate to throw out every idea that this candidate expressed during the course of the campaign, and it is not an excuse to show what he called disrespect for what he calls a good man. so we're seeing a lot of mitt romney, not just from the former candidate, but from people around him as well. and so it is going to be interesting to watch all of that tomorrow. >> obviously we would love to be a fly on the wall in the room. we will not be there. but during his first post election press conference, the president hinted at some possible discussion points. watch. >> that's right. >> how can we make the federal go
. but keep in mind, the wall street and main street had a strong start to the season, the fiscal cliff is closer as christmas draws near and buyers and businesses may get more worried holding on to their wallets in the shadow of that cliff, harris, back to you. >> brenda, thank you. brand new video after pretty nasty mall brawl from black friday. this was the scene shortly after midnight as shopping mall here sacramento, california, you've got to be kidding me. fists flying, here is why. apparently it was over women's underwear and an employee at the victoria's secret where the fighting began says it's the worse they've seen. >> and for like six years now and i've never seen a black friday in bad and some people got trampled out and on top of the bars and they had to come off the table. >> that must have been one heck of a sale. the store was cleared out and the man kept rolling despite the black eyes that were given on black friday and he says it doesn't surprise him. >> the wrong place at the right time. >> does your opinion of black friday change after all of this. >> not so much. i
can do to make this a better country to live in. here with the latest on the fiscal cliff, the showdown, much more, stuart varney from the fox business network and the cohost of "the five," dana perino. can i have free birth control, free healthcare? what's snowpacked. >> i don'what's happened?>> i dy wakes up in the morning, saying what can the government to give to me? there's still self determination to get ahead, but the government sits like a lead weight on our ankles. particularly if you get into a situation where the government is not just your safety net, but becomes part of your everyday life for maybe a generation or two, it becomes harder to break that cycle. >> look, i think deep down america knows that what's going on is wrong. i don't see great enthusiasm and euphoria following the re-election of barack obama. deep down, i think america knows there's something wrong with the state of america today. it's become what can i get from my country? we know we can't afford it. we know that it's not traditional america. we know that morally it's wrong. there's a deep
-called fiscal cliff. also tomorrow, the president has another meeting with business leaders following the one he had prior to the thanksgiving holiday. so -- friday, as i think you know, he'll be traveling to montgomery county pennsylvania to visit a business to talk about the need to extend these middle class tax cuts because businesses around the country depend on america's middle class to whier -- to buy their products. as i think was effectively outlined yesterday and you read about in the report he co-produced, the impact of raising taxes on the middle class would be significant to our economy. without w that, i'll take your questions. [inaudible] >> does everyone know he's leaving? very sad. >> thanks, jay. two questions on fiscal cliff, a senator said talking about medicare and medicaid both of those conversations should not be part of the plan to avert the fiscal cliff. doesn't that complicate the president's position, he has talked about balance, talked about the willingness to put entitlements on the table as part of a package and he's got a leader from his own party saying that should
about the fiscal cliff and maybe this is where it's showing up. >> well, we'll be watching. we'll see. i know all of the ceos just want certainty. that's what they keep telling the white house. thank you much. the forgotten war, we're going to take a deep dive into the challenges and the changes in the u.s. relationship with mexico. >>> well, the foreign policy challenge no one is talking about and, by the way, it's one that's killed nearly ten times as many people as the wars in iraq and afghanistan combined. today we're taking a deep dive into the drug war in mexico and the u.s. role in it. a key focus of the meeting between president obama and mexico's president elect pena nieto. the merida initiative began under george w. bush and then mexican president calderon as an aid program to help mexico disrupt drug cartels and improve law enforcement. the u.s. helped train federal police and sent equipment to mexico including helicopters and patrol planes. the results, though, have not been encouraging. going back to the end of 2006 when president calderon ordered a massive crackdown, one pa
fiscal cliff president obama is taking his case to small business owners from across the country, meeting with more than a dozen at the white house, looking to avoid a year-end tax hikes and spending cuts. republican leaders will meet with a bipartisan group of former members of congress as list leaders as well as both sides hold the line on taxes. >> i'm willing to put revenue on the table to pay down debt and create a better economy but my democratic friends have to reform entitlements. what will make us greece is not raising taxes. what will make us greece is not fixing medicare, medicaid and social security. jon: white house press secretary jay carney says president obama will not give on extending current tax rates on wealthy americans. on entitlements carney says the president is open to changes except when it comes to social security. >> the president has long made clear that he is open to discussions about strengthening social security as part of a separate track. jon: so is the u.s. economy heading for a plunge over the fiscal cliff? with us now, associate editor and columnist fo
got out of the business and are focused on what we're doing. last point on fiscal cliff, it's not about ideology and not about -- >> oh yes it is. >> it's about making a deal, not a point. i'm optimistic we can do it. >> you should get into the censor business. >> thank you for being here. we really appreciate it. >>> coming up, crunch time for retailer, we'll get a cyber monday report from power retailers. d to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. well that was uncalled for. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you could save. [ male announcer ] you are a business pro. governor of getting it done. you know how
a quick break from the fiscal cliff conundrum. now it's time to hunker down and get back to business. >> reporter: after meeting with president obama before the thanksgiving holiday -- >> i want to welcome the congressional leadership here. >> reporter: -- congressional leaders expressed optimism to reaching a deal. >> we had a very constructive meeting with the president. to talk about america's fiscal problem. >> we have a corner stones of being able to work something out. >> reporter: staffers have been working behind the scenes to fine common ground. among the big sticking points how to bring in more tax revenue and reduce spending on programs like medicare. but it's not yet clear when lawmakers and the president will meet next. even if some progress is made this week a final deal could still be a long way off. >> we rarely see the hill and the white house make decisions early. they tend to do better when they have a deadline so i would be pleasantly surprised to see it, a deal emerge earlier than the end the year but we'll see. >>> as the fiscal cliff gets closer a few republica
to the fiscal cliff. ed henry is live with us at the white house. what seem it is to be lost in this is the tax cuts going to expire. that's it. if they want to extend them on some, they can. but he will not allow it on people who make more. what part of this is confusing? >>reporter: a lot of other pieces that are confusing because no one wants to come to the table and work that out. if they just sat down they could probably figure this out. what republicans say they are frustrated about when the president talks about a balanced approach, they say in the campaign it was not just raising taxes on the rich but about cutting spending, that was the balanced approach. if you listened closely today the president focused on the tax changes in the short term, but suggested, then, we could wait for the spending cuts until next year. >> it would give us more time than next year to work together on a comprehensive plan to bring down our deficits, to streamline our tax system in a balanced way. that includes asking the wealthiest to pay more. >>reporter: republicans believe the president is saying he will
and stuff. i'm a spam kind of guy. fast approaching fiscal cliff could push unemployment even higher. whether some business owners could be forced in place a hiring freeze. >> and republicans promising a post election overhaul in the nation's broken immigration system. could it backfire with voters? our political panel is here to weigh in. think spam. >> i think we need a bigger thing and we need immigration reform. there is no doubt whatsoever the demographics are not on our side. [ timers ringing ] [ male announcer ] it's that time of year. time for campbell's green bean casserole. you'll find the recipe at ♪ campbell's. it's amazing what soup can do. [ male announcer ] it's that time of year again. medicare open enrollment. time to compare plans and costs. you don't have to make changes. but it never hurts to see if you can find better coverage, save money, or both. and check out the preventive benefits you get after the health care law. ♪ open enrollment ends dember 7th. so now's the time. visit or call 1-800-medicare. >>. >> gregg: bottom of th
. >>> they are pushing to avoid the so called fiscal cliff looming at the end of the year. all week long they have meetings with small business leaders and on friday, the president will visit a toy track are you in virginia -- toy factory in virginia. he will continue to push tax cuts for middle income americans and letting them expire for people who make more than $250,000 a year. they coming up, more on hurricane katrina. they are asking for $42 billion in aid. that includes 9 billion to prepare for the next big storm. last month's storm flooded the subway train system, and knocked out power for days. >>> get ready, we are about to get hit with several storms which are taking aim on the bay area. live with how to prepare and what to prepare for, alex? >> reporter: well, good morning, the north bay is expected to get hammered by a series of storms and the residents are getting prepared an auction see the sand bags are being filled and they are making these bags for the flooding that is certainly a possibility with all the rain that is expected. lots of people will be stopping by here throughout t
the fiscal cliff. later today the president is meeting some of the nation's business leaders as well. fox business network's peter barnes live at the white house with more on that. so, which ceo's is the president talking to today? >> well, jon, it is interesting the president putting pressure on republicans to increase taxes on the wealthy. to let the bush tax cuts for wealthier americans expire and he is going to be meeting with some of those wealthier americans later today at the white house, those ceo's you just mentioned. there will be 14 of them including the ceo of yahoo!, of merck, coca-cola, and at&t he will well as lloyd blankfein, the see i don't of goldman sachs. he already came out in favor of higher taxes. in a column he wrote this week, he", i believe tax increases especially for the wealthiest are appropriate but only if they are joined by serious cuts in discretionary spending and entitlements. significant because blankfein and his partners make millions in salary and bonuses each year. jon: interesting. what is the status of the negotiations at this point, peter? >> repo
message on avoiding the fiscal cliff straight to the middle class. and even some business leaders. president says he's ready and willing to get the issue resolved in a bipartisan manner. speaking of bipartisanship, tomorrow the president will host mitt romney at the white house. their first face to face meeting since the election. when's the point? ambassador susan rice back on capitol hill for a second day trying to end the heated back and forth over her role in the investigation of the deadly attack on the consulate in benghazi. what republican senators are sayisa saying today. plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer up to 9 months. [ male announcer ] because enbrel®, etanercept, suppresses your immune system, it may lower your ability to fight infections. serious, sometimes fatal, events including infections, tuberculosis, lymphoma,
the fiscal cliff. speaking to the economic club of new york, bed bernanke urged lawmakers to reach a deal to avoid the automatic spending cuts and tax increases. bernanke said going over the cliff would pose a substantial threat to the economy. >>> hewlett-packard stunned the markets after alleging an accounting scandal at its british software unit would cost the company $8 billion. hp stock plummeted 12% on tuesday. then there's the fate of the twinkie. it's not looking good. >> oh, no. >> hostess brands will proceed with a plan to go out of business after last-minute talks with striking workers broke down yesterday. the company and bakers union had entered mediation in an effort to try to save over 18,000 jobs. >>> president obama is calling on congress to follow the example set by former u.s. senator warren rudman of new hampshire who called for bipartisanship during his time in washington. he passed away on monday from complications from lymphoma. he warned against large federal deficits and was a fierce critic of the reagan administration in the 1980s iran-contra affair. >> the ameri
of the folks from business will be talking about the fiscal cliff. >> all right, ty. that will do it for us on "power lunch." >>> breaking news on the economy moments away on "street signs." >>> hello and welcome, everybody, to a very special edition of "street signs." we are just seconds away from breaking headl
they are worried, they are actually worried about the fiscal cliff and the implication. is that something you're hearing from a lot of small businesses that this whole, you know, this whole bottleneck in washington could concern them? >> well we certainly see this more anxiety as the clock counts down the fiscal cliff. i think the words coming out of washington are more positive than they've been in the past few years and more productive and despite that uncertainty we're finding that consumers are planning to spend 2% or 3% more this holiday season. i think if that gets settled sooner than later you'll see a big pick up in spending and consumer confidence. >> i heard some small businesses say look we'll put off hiring until we know washington has worked all of this out. >> i think that's an important point. small businesses are cautious. we also know small businesses account for almost half the employment in the united states today. they account for two-thirds of the job creation. we have a problem with jobs because small businesses are cautious. the more we can do to h
of the business leaders, if you do not want to go over the fiscal cliff? -- fiscal cliff, they want it to be a stage set for tax reform. -- this week, you're going to see a lot of focus on the entitlement portion and the republicans have held their tongues. the whole discussion is about revenue. they are marshalling their ceo's to make demands on entitlements. >> so many of the business leaders don't want to go over the fiscal cliff. they really want tax reform to happen. whatever happens, they want this to be a stage setter. >>>> thank you for being on "newsmakers." [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> tomorrow on c-span, we look back at august 2011, as the news conferences around the budget control act. this created sequestration. that is split 50-50 between defense and non-defense spending. >> in january, our first week that we were sworn into office, the present as for the increase in the debt ceiling and i made it clear that there would not be an increase in the debt ceiling without changes to the wa
to social media and business people part of a push to avoid so called fiscal cliff. >> and later, where the toxic chemicals are likely to be found in your house. >>> san francisco man accused of impersonating a physician assistant is in court today. >> he came face-to-face for the first time with the man he was pretending to be. it's a story you'll see only on abc 7 news. >> the more you learn about the story, the more bizarre it becomes. this was the second full day of the preliminary hearing and so far, five women have testified. they claimed they were abused, now, they've testified in person or through their investigators. today, in court, a bizarre encounter. this is a man prosecutors say is carlos guzman, qharjd counts including sex crimes and practicing medicine without a license. >> you never met this man? >> never. never. >> never heard of him? >> no. never. >> this is the real physician's assistant. authorities say the suspect's real name is close to his. carlos guzman garza. guzman came to court facing the man who stole his identity for the first time. he told us it was just,
and present danger to the u.s. economy and it is not just what happens if we go over the fiscal cliff, it is actually affecting the economy right now. a big drag of business confidence, businesses are already t doing very well, negative investment, really cannot afford to make the situation any worse and we have heard some members of congress talk about going over the fiscal clififf to teach the other parta lesson. that is not helpful. this is something that should be settled qukly. we know that we're probably going to have higher taxes out of the health care reform. now the payroll tax or they will probably go away. but a premium on in more taxes on the near-term dealing with spending and gettingext year without imposing a recession at american public. gerri: you take a lot of time to analyze what happens t this economif we go over the cliff. is it a big recession, it's a deep recession, what happens? >> it is a deep recession, you hear talk that it is a slow weakening. we can fix it in january and come back. we know the magnitude is large, $395 tax increase, $140 billion spending cu
be much worse because of the fiscal cliff. that's coming up later on the "closing bell." [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> markets went to the lows of the session when senator majority leader harry reid started talking about the fiscal cliff and started sounding less optimistic about it all. bob, give us more details. >> a lot of debate about these reid comments. he did say there was little progress made on the fiscal cliff, but read more about what he said. he said, i'm extremely hopeful that the fiscal cliff issues can be resolved. he said, i don't believe the republicans are going to allow us to go over the fiscal cliff. a lot of parsing of these words. the dow did drop to 81 points on the low. we're now not far from those lows. we
to jump off the fiscal cliff. they say, do it already! he says that's a business mistake. sandra levin joins us from capital to tell us why he thinks it's a baddied. working since i was about 16.n you know, one job or the other. the moment i could access the retirement plan, i just became firm about it -- "i'm done. i'm out of here." you know, it's like it just hits you fast. you know, you start thinking about what's really important here. ♪ ♪ >>> welcome back. shares of auto nation down sharply at this hour. kayla stepping in to tell us why. >> the volume that's leading auto nation down better than 5%, that stock has seen an unbelievable amount of weakness throughout the last month during which a bunch of insiders decided to sell their shares. you can see it's down better than 5% today. there was some bullishness after hurricane sandy that a lot of consumers would be buying cars. that's all but waneed and trickling through to the stock market today. >> thank you very much. looking beyond the u.s., there are many big global events causing major waves in our markets. and your money
. >>> president obama meets with small business owners today to promote his solution to the fiscal cliff. the deadline is now 35 days away. the president is holding more events tomorrow and friday. "new york times" reports this morning that a budget deal could reduce the tax deduction millions pay on their mortgage interest. nancy cordes is on capitol hill. good morning. >> reporter: good morning to you, charlie, and norah. the president and house speaker john boehner spoke by phone over the weekend. top aides in the house and senate tell us that negotiations at this point are just taking place between the president's staff and speaker boehner's staff. that's because any deal that involves raising tax revenue is going to face its biggest challenge in the republican-led house. top republicans returning from thanksgiving recess urged the president to make the first offer in fiscal cliff negotiations. and they expressed a new openness to raising tax revenue, if democrats agree to make cuts to strengthen medicare and medicaid. >> elections come and go. and when they g
, but susan rice coming up empty handed. and president obama talks fiscal cliff with a dozen of the country's business leaders with. innocent dolphins shot to death by humans. we're going up into the air, looking for answers. i'm wolf blitzer, and you're in the situation room. >> a second day of meetings with republican senators didn't go better than the first day for the em battled u.n. ambassador, susan rice. she has been under attack for her statements about the attack in libya. republican criticism remains sharp, and her future fb a possible nominee for secretary of state is questionable at best. dana bash is working the story for us, what happened today? >> reporter: you know, wolf, it was one thing for susan rice to get harsh criticism after yesterday's meeting with senators mccain, graham, and ayote, but it was different to hear the concern from one of the last centrist republicans in the senate. >> susan collins would be one of the most likely to throw susan rice a lifeline. it didn't happen. >> i continue to be troubled by the fact that the u.n. ambassador decided to play what was,
chairman ben bernanke is calling on washington to strike a deal averting the fiscal cliff. he said a failure to do so could cause heavier and financial costs than the debt debacle of last year. hogstess, they will go to mediation to try to resolve their differences and save 18,000 jobs. holidays apparently such a source of financial stress 45% of those surveyed said they would rather skip. 45% use layaway programs as way to handle the financial burden. log to to fox giving you the power to prosper. >> greta: obamacare may be the law of the land but that is not stopping many republican governors. they are still keeping up their fight. mary fanlon is not giving up the fight. the governor joins us. nice to see you? >> nice to see you. >> greta: tell me why don't you want to set up a stated exchange and defer to the default one? >> well, basically oklahoma said thanks but no thanks. we have a disagreement where the obama administration and the affordable healthcare act and in the state of oklahoma, they voted by a large margin, almost 65% we oppose many portions of the aff
. they are headed to the white house today weighing in negotiations over the fiscal cliff as the president tries to pick up outside support for his proposed tax increases. doug luzader joins us live from washington with more. hi, doug. >> ainsley good morning. business leaders are pleading with the white house to come up with some kind of a deal to assert spending cuts as part of the big fiscal cliff. no deal in sight yet. take a look at what happened on capitol hill yesterday. naked protestors stormed the office of house speaker john boehner. they are protesting cuts in healthcare they say but shows how any kind of spend wiing cut are nearly impossible these days and they are warming for the president's call to raise tax revenue. many democrats are emboldened since the election refusing to talk about any specific cuts to federal spending. >>> president obama and democrats ran on a promise of bush tax rates. president obama didn't hide that last year of the campaign every place he went that's what he talked about. americans when they voted raised their voices and supported our pledge congress ac
. >> as we continue to move to solve the fiscal cliff problem, the one thing we do want to look at is make sure small business is growing. i started my first business when i was 19 years old. had to build a counter on my dad's shop. it was a sandwich shop. we look at small business and look at growth there. they are the engine that makes this economy grow. today we'll meet with individuals in the business community. next week we'll have a small business coalition and continue to come in and talk to us on ways that we can solve the fiscal cliff while at the same time grow this economy. this goal of this republican majority is to solve the fiscal cliff once and for all and put us on a path to growing the economy. >> we are 34 days away from what would be the largest tax increase in american history, and speaker boehner and the republicans have put forward a balanced plan that would prevent that from happening. and not devastate our economy at a time when our economy continues to struggle and people are having a tough time finding work, we need to take action that will ensure that small busin
caused by not addressing the fiscal cliff and federal deficit will continue to hurt business. tell us the rules to make them play the game. if the rules are uncertain which administered to play the game. we also acknowledge that federal spending money to be curtailed, including spending on a favorite government-funded or grants. i do want to be clear and you probably can't tell yet but i'm an optimist. i certainly lead to gloom and most times to my lawyers and economists. it has been somewhat hard to be optimistic if the budget problem is not addressed. globally we are seeing recession in much of europe. china's growth is slowing as in other emerging markets. our failure to act on the u.s. budget is aggravating existing weakness in the global economy. it is clear it is time for real leadership in washington for elected officials to have the courage to do something right for our country. it happened under president reagan and clinton when major compromises were achieved on debt and deficit and candidate should happen again. if not, country's economy will grow more slowly than it would
in washington. the president's fiscal cliff campaign. live pictures of the white house are president obama will meet today with 15 small business owners. the first of a series of meetings this week as the administration puts the pressure on congress to make a deal. the "washington post" reporting the talks are accelerating between president obama and top congressional leaders, including john boehner who was on the phone with the president over the weekend. the white house's pr campaign is being buoyed along by warren buffett who is voicing support for tax hikes for americans just like him. >> i think it would have a great effect in terms of the morale of the middle class who have seen themselves paying high payroll taxes, income taxes and then watched guys like me end up paying a rate that's below that, you know, paid by the people in my office. >> joining me now is wisconsin's republican senator ron johnson. senator, it's great to have you with us this morning. and as we talk about what's taking place in washington, d.c. right now, the million dollar question is all concerns around senato
business of the current congress, including how to avoid falling off the fiscal cliff, how to prevent it from happening, and the impact not as on the fence of the discretionary budget as well, and for our purposes, hopefully they will also take the time to pass a defense authorization in order to be able to set some important policy guidance we year. the hope is these issues can be resolved before congress adjourns, and we are all hopeful the leadership will be able to come together to find a way to resolve these issues. these are tough decisions. i know how tough they are, but they can do it. it will take some risks, but that is part of the game. right thing, and i hope they do that. the worst thing that can happen from my perspective is they just kick the can down their road. all that would wind up doing is continuing to present a shadow as to what ultimately will happen, and that is the last thing i need. the fact is when it comes to national security, which challenges and opportunities we face in the future go beyond the political gridlock of the moment. they are significant as we
busy over the weekend. talking about the fiscal cliff. everyone comes back to work . wonder if they will get to work and cut the deals. republicans made it clear they are willing to budge when it comes to the 20 year pledge not to raise taxes that glover norquist had everyone sign before they took office. >> steve: grover norquist has hundreds of republicans to do that. clearly with the fiscal cliff comment and automatic spending cuts and taxes go up on everybody. something has to be done. the feeling is that it will happen two now. republicans have beenadament and said we can't raise taxes on anybody. and glover norquist said as long as you don't raise tax rates that is okay. and lindsay graham on that. >> i agree we shouldn't raise rates but i think grover is wrong to cap and buy down debt. what do you do with the money and i will violate the pledge for the good of the country only if the democrats do entitlement reform. >> gretchen: i think the pledge thing is good and bad. if you are a republican and believe that raising taxes is the wrong they think that and fine. but h
to be affected by the fiscal cliff. he'll be meeting with small business owners today at the white house. tomorrow he'll be meeting with middle-class americans who will be affected by the tax cut. on friday we'll be going to pennsylvania to visit a small company. so, as well we talked about the goodwill that might exist between democrats and republicans to try to get something done. we're also now seeing a pressure campaign put on by the white house. >> and we've seen some major republicans come out and say they don't feel bound by the americans for tax reform pledge. most recently we have house majority leader eric cantor. do you believe that any more republicans will stick with this jump on board? >> well, zoraida, you know, republicans are certainly being clicked into a box at this point. in order to try to solve the fiscal cliff a lot of people are saying we're going to have to see tax cuts get raised. president obama and democrats would like to see that just on democrats alone. republicans, as you said, are starting to peel away from that pledge. however grover norquist is threateni
that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a role for the fed? >> i think to be a cheerleader and to be on the sidelines telling the government they have to do what is right for the public. >> susie: as for what the fed can do if the u.s. heads into recession because of the fiscal cliff, bernanke says, not much. >> in the worse case scenario, where the economy goes off the broad fiscal cliff, the largest fiscal cliff, which, according the c.b.o. and our analys, would send the u.s. economy into recession, i don't think the fed has the tools to offset that. >> susie: members of the audience agreed. >> he was very frank in saying, you know, "we can try," he essentially said, "we will try, but we don't have anything in our arsenal that comes close." >> susie: bernanke is alrea
't you be caucus? she has abercrombie breathing down their necks and a fiscal cliff, certainly weakening the consumer, as we get closer there are a lot of things, despite how good the quarter was i would be shaking in my boots because there's a big tax bill coming come january and a lot of retailers should be scared and cautious. dave: you say the time to buy all equities is right now. why is now the best time? >> the market over the next six months could reach $15.76, the s&p 500 reach of $15.76 which was the financial bubble, we are seeing good market fiscal cliff issues get resolved maybe 20% -- dave: what if they don't get resolved? >> they will delay the decision at this point and over the next three to six months resolve fiscal cliff issues that there will be resolution. liz: you save $15.76 at $14.09 at the moment. how do we get there? that is a lot of optimism. we need to that market fuel. >> we believe over the next six months the market can reach the financial bubble high we made many years ago and we think this is a great time to invest, this correction was absolutely a time t
cutting back on business travel before the potential fiscal cliff, usa today says. one company will spend $20 billion less in the next two years if the fiscal cliff happens. >>> the boston herald reports massachusetts highway safety director is resigning. sheila burgess came under fire because her driving record includes seven accidents, four speeding violations and a ticket for not wearing a seat belt. did we mention she's the highway safety director? this week, the governor said it was a screw up his words, to hire burgess for that job. she cites health reasons for her resignation. >>> and the telegraph says the pope says in his new book that christ was born earlier than commonly thought. he says dennis small made that mistake many years ago and nobody caught it. many believe he was born between 17 bc and 200 bc. >>> good morning, and happy thanksgiving! weather outside looking very nice as we expect high pressure to build in overhead. temperatures warming up very nicely toward the afternoon a little chilly early on today. but the latter part of the
the fiscal cliff. this is shaping up to be the best cyber monday ever. sales are up 28 percent from last year. cbs reporter anthony mason found out the last few days have been busy. even during dinner time. >>>'s biggest shipping center in phoenix arizona is the size of 28 football fields. last cyber monday it's busyist day of the year, amazon processed 200 orders per second. amazon vice president craig says the company expects business this year will be even better. >> we've hired and are continuing to hire 50,000 seasonal workers to meet customer demand. we need to come up with a new word for busy. we've been on hyper drive. >> online sales jump more than 20 percent on black friday. and thanks giving it was shopping day this year. >> it started early. a retail analyst with ibm that monitors 500 online retailers says shopping was heavy throughout thanks giving day especially with i phones and i pads. >> people were driving during thanksgiving dinner time. >> i'm saying the i phone is now the new utensil. does it go on the right or the left of the fork, i don't know. >> anthony mas
to work this week. very busy, of course. top of the agenda, the fiscal cliff. 38 days and counting. in fact, that's how long we have until the country hits the so called fiscal cliff when automatic spending cuts go into effect. it is main focus in washington. maria cardona and amy holmes are back with me now to talk about this. saxby chambliss lashed out at grover nordqvist. nordqvist and his group are the ones that pushed that no new taxes pledge signed bay majority of republicans in congress. here's what chambliss says. i care more about my country than i do a 20-year-old pledge. he's willing to let the political consequences take care of themselves. raising taxes has been at the center of the fiscal cliff dispute. democrats demanding it. republicans saying no way. so amy, is this a sizable crack in the republican armor? >> we are seeing that the two sides are going to need to negotiate if we don't go over the fiscal cliff. i would point out that patty murray, a democratic senator from washington state says we should go over it, certainly in contrast to the rest of her party. so
, thank you very much. >>> the other big story falling off the edge of the fiscal cliff. it's up to them to stop $500 billion in automatic spending cuts as well as the tax hikes that would take effect. chief business correspondent ali velshi's joining us. the president today met with small business owners instead of members of congress. explain what is at stake for them if we go off the fiscal cliff. >> the president meeting with different groups of people. when he met with the ceos he got criticism from small business owners. tomorrow meeting with middle class taxpayers. you won't have heard of them. these are not the small business owners who run their income through their personal tax. they're not concerned about the increase in the tax on people making more than $250,000. these are people who are going to lose business if americans are poorer. so their general view -- or have to pay higher taxes -- their general view they don't want, they are enjoying a recovery now, they do not want congress and washington to do something that's going to affect their customer base, either who are re
house. did he get the answers he held for. cheryl: we continue our special series fiscal cliff survival kit. washington can't get it together, there are steps you can take to get your fiscal house to get a. fox business anchor tracy byrnes will be at missteps for you to take right now. dennis: he might be divided in any other line of work. he is still on 2 and 1/2 men after calling it fills the. gerri: job security coming up later in the hour. stocks every 15 minutes, nicole petallides. you have a lot every 15 minutes. let's begin. nicole: let's look at what is going on with the dow here. is nowhere near the 14,000 mark when we launched the network but we are at 13,000, not too far off of that level, the dow is down 3 to -- two points. you see the nasdaq and the sp have moved into the green slightly, talking about 0.1%, means there helping things along with names like intel and coca-cola and alcoa the names that have been pressuring the dow, hewlett-packard, american express, microsoft. big picture we're doing all right, yesterday lost 40 points so we're pretty much flat for today, talk
ground here in washington. as we negotiate a path back from the fiscal cliff, we should also recognize when democrats and republicans agree. we agree taxes should not go up for anyone making less than $250,000 a year. 97% of small businesses and 98% of middle-class families would benefit from that. with common ground in sight, we should be able to act today to avert the fiscal cliff for millions of families and businesses. even if we disagree on whether to extend tax breaks for the wealthiest 2% of americans, we should agree to hold the middle class harmless and do it today, do it mao. a single vote in the house of representatives would get the job done now. unfortunately, there's one obstacle standing between congress and a compromise: grover norquist. for years, no norquist has bulld lawmakers. his brand of ideological extremism has been bad for congress and even worse for the congress. so i was pleased to see republicans in congress distance themselves from norquist this week. i appreciate that etch have. and so do the american people. and i'm sure their constituents do. several rep
uncertainty over the battle of the fiscal cliff in washington. that concern might be showing up in the manufacturing sector. the feds said that in some places around the country, manufacturing was slowing down and actually contracting outright. but it said that hiring was up modestly most places and with the holidays coming up. it said that the outlook for retail sales was mostly upbeat. shep? >> shepard: what's with the sirens? is the place on fire? >> no. there is escort going out here from the white house. >> you don't have much clout there. >> the vice president apparently is leaving. >> shepard: he might as well. what will the fed do with today's report? it has a meeting in a couple of weeks, you know. >> this was okay report. more importantly it was not strong enough for the fed to back off stimulus programs keeping interest race very low for a long time and into the economy. at its meeting next month it is expected to reaffirm those policies. continue them. shep? >> shepard: peter barnes there at the firehouse. peter, thanks. president obama and governor romney are set to
amazed that kids could do 12 pushups these days. meanwhile, week before we fall off the fiscal cliff at the conclusion of this year, lawmakers in washington are reaching out to the people who actually run businesses for help. molly henneberg joins us live from the white house today to tell us about the meeting at casablanca. >> good morning. any president has the bully pulpit and president obama intends to use it more and more, the white house says, to get across his message, his solution on the fiscal cliff. so today he will meet with small business owners here at the white house. tomorrow he will meet with middle class americans. and on friday, he'll make the public case for extending tax cuts on the middle class and raising taxes on families making more than $250,000 when he visits a business in pen opinion. the president's press secretary says on this highly charged issue, quote, public communication is essential. >> some of the lessons that we learned over the last four years have to do with always being mindful of the fact that engaging the public on these sometimes chewy polic
cliff. they'll also be meeting with business leaders this week. so we're seeing a two-prong strategy right now out of the white house. >> it starts moving in the realm of tinker toys you know it's getting very, very serious. we've seen some republicans, major republicans, come out the last few days saying they don't feel bound anymore by that americans for tax reform pledge that grover norquist pledge. most recently house majority leader eric cantor seemed to have a little wiggle room there. do you expect to see more republicans coming out here? >> the floodgates have certainly opened and i suspect we'll see more republicans talk about the need for resolution. we have a new cnn poll in the last 24 hours that show that if this is not resolved, that republicans will take a majority of the blame, and not president obama. so i think we will see more republicans start to break away from that pledge. but, on the other side, though, democrats are also going to have to come to the table, and do some compromise. we saw senate minority leader mitch mcconnell talk about it yesterday on the sena
the president has put forward to solve the fiscal cliff raises taxes on a million small businesses who employ 25% of the work force and an accounting firm has done a study has said if the president's proposal went into effect which is to raise taxes on the small businesses out there that it would cost us over 700,000 jobs and reduce take- home pay by 2% and reduce economic growth by 1.3%. what the president is proposing to do would hurt jobs and the economy, which is again, i ironic in that the president's only solution to solve our fiscal cliff issue is to raise taxes. in 2010, we had the same debate. the president said you shouldn't raise taxes in the middle of a weak economy. at the time economic growth was 2.4 through the first three- quarters. this year, 2012, that same number is 1.8%. the economy is weaker and slower today than it was in 2010 when the president said you shouldn't raise taxes in the middle of a weak economy. we believe that the president has to lead on this issue. it can't be about raising taxes on people who create jobs in this economy if it is about jobs and the economy.
owners at the white house today. piddocks was supporthe fiscal cliff is a combination of scheduled tax increases and spending cuts that economist predict was in the u.s. economy into a recession. >> we will be right back as the kron for morning news continues. off to developing stores are all falling. one is a police standoff on treasure island with a robbery suspect. also a possible officer involved should out in milpitas. a live look at the bay bridge toll plaza light traffic for now. welcome back. new consumer credit data shows that more americans are falling behind on their auto payments. particularly between july and september. back-to- school needs and other needs are putting a strain on consumers' wallets. of dropping seven approving in the overall auto world. there is a new hope of making the rounds on facebook is the status of dates that are judged users to copy and paste the message declaring they have the rights the material they pose and the profiles. it has people where it that facebook will use the pictures and status updates. facebook respond sang " anyone who uses faceb
to the fiscal cliff discussion over and over again because unless we get the economy really moving and growing in a long run, these budget problems will occur over and over again. we have identified eight areas where we find, these things would move the needle in a reasonable time frame, two or three or four years we start to see impact and there's quite bipartisan support. and the sustainable budget compromise. number 2, easing immigration now. we need a broader immigration reform, but it is one of the abilities to move rapidly to inject skill to the economy to fill jobs we badly need to fill to sustain our growth. it is not long term solution to the skill problem in america but a critical step we need to take to move the needle. we have got to simplify and realize the corporate tax code. everybody agrees. we just did a survey that included a loss of members of the general public, not business leaders, not sophisticated observers of the economy but the general public, and 70% of the general public believe we need to simplify the corporate tax code. that is how deep the understanding of the pr
over the fiscal cliff? you do have more polarization with business community. jamie dimon being the key man? >> certainly one of them. a lot of the business community is more down the middle given the two constituencies you just mentioned. >> we'll talk -- buffett had thoughts on that this morning that we'll get to in a few minutes. the case shiller home price report is out. which cities are making the fastest move to recovery? >>> also ahead, when it comes to the holiday shopping season, it appears men are the new women. we'll explain that argument. take one more look at futures here. we'll see if we get traction later on this morning when the opening bell rings in just about 16 minutes. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. thor gets great
going over that ever talked about fiscal cliff. now the white house says president obama is taking his case to the people. meeting with small business leaders. today middle class families, tomorrow in hitting the road for a campaign style rally on friday. gop leaders say he should stay in dc and try to work out a deal. house republicans say they're also planning to get out of washington and hold events from small businesses back home. james rosen live at the white house tonight. do we know whether the talks have broken down? >> the white house says no, shep, that the work continues between key staff aides on both sides. but there is for this week as yet no follow-up session planned for negotiations like the one that the president held in the roosevelt room earlier this month with all four leaders from the house and senate. democrats more thanked from that session back on november 16 talking about another to be held the week after thanksgiving. >> the people he needs to be talking to are members of his own party so he can convince them of the need to act. we're not going to solve this p
everyone of one fact. this congress is one vote away from avoiding a fiscal cliff for middle-class families and small businesses. we can solve the greatest economic emergency facing the nation today if only the house would consent the senate-passed bill freezing -- freezing tax rates. as thomas jefferson said, "we should not put off tomorrow what we can do today." our legislation would give economic certainty to the middle class, protect important tax reductions for families and businesses, and restore balance by asking the most fortunate among us to pay a little extra to reduce the debt. also, the only bill with a chance of being signed into law by president obama. speaker boehner once again urges us to pass the house bill, extending tax breaks for millionaires and billionaires. the senate has already consider that bill and we rejected it on a bipartisan basis. for the speaker to say, bring it up, we are behalf. it was loaded down in this congress. -- it was voted down in this congress. the president has spoken. he will not sign until the mortgages our future to pay for handouts. i hope ho
. liz: the countdown to the fiscal cliff 35 days left to reach an agreement or not before a series of automatic tax hikes and spending cuts hit. david: the council of economic advisors released by the tax cuts expire would have effect on the consumer spending. the member of the cabinet, alan krueger. thank you for coming in. >> thank you for having me. david: they came out with a report of how much revenue to collect if in fact all the tax increases took place. they come up with a figure of $82 billion per year. only 8% of the trillion dollars deficit why risk slowing down the economy, which a lot of people say might happen if you increase taxes why slow the economy for such a collectively small amount of money? >> first thought don't think it is a small amount of money. we need a balanced approach. david: uribe 2% of the deficit unfunded if you do that. >> to look at the president's budget, what he proposes is raising $1.6 trillion proposing spending cuts as well, combination of which would put us on a sustainable path in the economy in the long run. what we should avoid doing is
, and certainly as a citizen. where do you see realistically the fix for the fiscal cliff coming out? what does it look like? where is it -- where are the compromise points? >> well, soledad, the organization that i represent, the financial services roundtable, and our members are very concerned about this issue. by the way, we should be clear about the stakes if they fail to solve this. the respected and nonpartisan congressional budget office said if they don't solve this in a timely manner we're going to have unemployment back over 9%, and we'll go back into recession. so the stakes are high. i think, in order for the policy airplane to fly over the fiscal cliff it's going to need two wings. one wing is what speaker boehner has said, which is we are going to have to work on revenues and put that on the table. the details are to be defined about that. but at least they're working on it, and there's some acknowledgment around that. but the other wing, of course, is structural spending reform, and containment. and that's going to have to include entitlement reform, and so far there's less progr
. because of taxes. >> these tax and estate experts are all talking about a provision of a fiscal cliff next year if congress does not act the tax increases from 35% to 55%, and the amount you can give tax free to children will drop from $10 million this year to $2 million next year. talking about a significant tax hike. >> the tax attorney says if couples don't take advantage, heirs will pay, dearly. >> so your so million estate is now worth? >> six, roughly. >> so families with more than a couple million are rushing to gift their children before year'slw'"Ñ end. >> our business is up 30% to 40% now. >> the managing directorb> of mfv. >> we've seen a lot of anxiety. a lot of angst to try to move well for the next generation. >> everyone says it's big. >> it could be big enough to have a t behind the number, as >> back at the day care center where money is tight, door he lowers says $10 million exemption should be qlor but estate tax seems high, even to her. >> people also made that money. and... that they're entitled to half of the money. >> as congress debates what the right rate and exe
. >>> stocks were down over concerns of the fiscal cliff. the dow finished down by nine points. the s & p500 was down seven points at the close. >>> a lot to talk about with our weather let's get right to it. i think ken summed it up pretty well. it seems it's the calm before the storm. >> it is, and this is a healthy looking storm system. a series of storm systems. i have to tell you if it wasn't coming we would be going where's the rain. so this is what happens in california. i think we get something like this once every other year or once every year that we get a big serieses of storms. this is ours. this is the first one we may see more. we will come in a little bit closer and this first wave of showers moving through the bay area tomorrow morning during your commute. about 250 miles offshore. in that area, there are some -- very strong winds and even some thunderstorms behind it. the current radar. we have the radar sweep on. now when i come back tomorrow night and show you this radar sweep there's not going to be a lot on it. because the main event is tomorrow morning during the mornin
'll try to use that in the fiscal cliff negotiations to put the health care provisions and try to water them down. the business owners who are against it are going to use this leverage saying it's costly for us. we'll pass it on to employees. to troy to sort to sway public opinion. i think the obama administration on the other hand will do their own campaign to get the word out and for those supporters and uninsured who support this, here's how you sort of lobby for it. i think it's going to be in the next battlefront. >> but if you think this is sort of an anti-working class vendetta, david, what are the likelihoods of these job actions being successful in stopping this? >> i don't know they're going to be able to stop it, but i think that it's a really complicated issue. we had an interesting story the other day who said the vast majority of people eligible for the health care reforms don't understand it. this is a problem that i think the obama administration faces. they'll have to go out and make a better opportunity in terms of publicizing what these changes mean, exactly how it af
falling off the fiscal cliff, how to prevent it from happening, and the impact not as on the fence of the discretionary budget as well, and for our purposes, hopefully they will also take the time to pass a defense authorization in order to be able to set some important policy guidance we need as we go into this next year. the hope is these issues can be resolved before congress adjourns, and we are all hopeful the leadership will be able to come together to find a way to resolve these issues. these are tough decisions. i know how tough they are, but they can do it. it will take some risks, but that is part of the game. you have to take risks to do the right thing, and i hope they do that. the worst thing that can happen from my perspective is they just kick the can down their road. all that would wind up doing is continuing to present a shadow as to what ultimately will happen, and that is the last thing i need. the fact is when it comes to national security, which challenges and opportunities we face in the future go beyond the political gridlock of the moment. they are significa
the wealthiest americans. that this fiscal cliff that we are facing can be resolved very quickly if we pass a bill to extend the tax cuts for those people. i really hope that that's what we can do in the next two weeks in order to really take that off the table for american families who have suffered so much in all of this. >> but seeing that schism between the speaker of the house that has a conservative house caucus and other folks even in the senate who have a more progressive view on this thing, is this a sign of sis m or do you think the president has advocated the fever may be breaking amongst republicans over the questions of tax razors. >> i think it is a realistic approach to where we are today. the american public spoke in this last election very loud. the issue of whether or not the tax cuts to go back to the clinton era for the top 2% ought to happen, was debated pretty loud everywhere and the president won, senate democrats won, and that issue was clearly stated by many americans that they believe the top 2% of americans should participate in helping us in this challenging time
. >>> averting america's fiscal crisis. more business leaders headed to the white house today. we'll talk to someone rising above trying to find solutions. david cote. >>> regulation nation, what america's financials are in for after the fiscal cliff deadline. >>> and when rising above takes to the road. we're going into d.c. power players districts and asking constituents whether they're onboard. >> there's an awful lot of talk of what they ought to do. they need to stop talking and start working. >> the second hour of "squawk box" starts right now. ♪ >>> good morning, and welcome to "squawk box" here on cnbc. take a look at futures as we set up the market today. some red arrows across the board. dow looks like it opens up about 22 points lower, s&p 500 off by four points, nasdaq off, as well. let's get through some of the morning headlines. the white house expected to send congress a multibillion dollar request for funds to help the superstorm sandy recovery effort. not clear how large that request is going to be, although some now are saying it's likely to be at least $11 billion. sa
to the fiscal cliff. this coming to us from our partners at the "wall street journal" this hour. connell: the discussion about whether or not to raise taxes. some talking about abandoning their pledge. we spoke earlier with grover norquist. >> for the last 20 years, they have all kept the pledge. just me, the pledge, however, in the tax issue are very, very powerful. connell: do you think they will keep it again? >> i think they will keep it again. connell: that brings us to the judge. judge andrew napolitano. >> my thoughts are that some republicans will cave and break their vow not to raise taxes and they will suffer the fate of george bush that did not have a second term because he broke his vow. they may think they may get reelected without the republican base, they can probably not get renominated without the republican base. they will be inviting primary challenges. in terms of the lawfulness, this is a public pledge. it is political not legal. the people who work for the government are permitted to do so in the government name. i am laughing as i say it. it is true. i am laughing
the proposal the president has put forward to solve the fiscal cliff raises taxes on a million small businesses who employ 25% of the work force and an accounting firm has done a study has said if the president's proposal went into effect which is to raise taxes on the small businesses out there that it would cost us over 700,000 jobs and reduce take-home pay by 2% and reduce economic growth by 1.3%. what the president is proposing to do would hurt jobs and the economy, which is again, i ironic in that the president's only solution to solve our fiscal cliff issue is to raise taxes. in 2010, we had the same debate. the president said you shouldn't raise taxes in the middle of a weak economy. at the time economic growth was 2.4 through the first three-quarters. this year, 2012, that same number is 1.8%. the economy is weaker and slower today than it was in 2010 when the president said you shouldn't raise taxes in the middle of a weak economy. we believe that the president has to lead on this issue. it can't be about raising taxes on people who create jobs in this economy if it is about jobs and t
the tax increase could have on them and their likelihood. how does the fiscal cliff impact california? larry, a lot of talk on how it will impact high earners. a lot of middle income class folks could feel it as well. >> if we go over the fiscal cliff, we're going to suffer as much as anyone else. that in itself is a distressing combination. of 2 million jobs lost nationwide, expected to be lost because of reduced government spending, 230,000 will disappear here. that breaks down to 135,000 in defense and 95,000 in other nondefense sections. in fact, the state will lose $11 billion in income during the first year alone. >> wow. so you've got employment issues, but what about other subsidies that we might lieu? >> and there are a lot. those in the greatest need of course will suffer the most. it's expected at least 500,000 californians will immediately lose extended unemployment benefits. education tax credits and other credits for low income families. also, federal aid education, agriculture subsidies will be reduced if not eliminated, at least for the time being. between higher taxes
with our panel. jon meacham, let's say thomas jefferson realized he had a fiscal cliff the country was going to go over. what do you think he would do? >> one thing he did every night when congress was in session, more or less, he had lawmakers down to dinner. he broke with the federalist cut canom of precedent asks very formal dinners and formal toftsz. he had what he called pell-mell. people came down, sat down, sat wherever they could, and they would have dinner together. he would write family members and say i'm going to be an unpunctual correspondence because dinner is here and i'm going to have dinner every night with the lawmakers. it does help on the margins and as we know, politics is decided on the margin. >> one i think i think it's not just for the fiscal cliff, but if our economy is going to need mobilization to get more jobs here, fewer exports abroad, then you've got to have some c.e.o.s come in, like f.d.r. did. f.d.r. brought in the head of chrysler and sears and roebuck. he had two top republicans in his cabinet, and i know c.e.o.s don't like to come to government
and the president are no closer to a deal to avoid masigs, tax increases in spending cuts that so called fiscal cliff. the senate top rbi republican says the president is back on the trail instead of sitting down with lawmakers to negotiate a settlement. the president met with small business owners to built support for the aproich. tomorrow, meeting with middle class families. the president wants higher taxes for the wealthy. and un ambassador susan rice went to capitol hill to meet with republican senators. she's high on the list to secretary of state. she's been under fire from senate republicans over the attac killed four americans, including u.s. ambassador chris stevens. today's meeting did not go well. >> we're doubled by many of the answers that we got. i'm more disturbed now than before. >> the republican senators stopped short of saying they'd block the nomination. they say they need more information and have more questions about the incident in benghazi. >> we're coming up on december to 1. that is the day mayans said the world would end. one scientist has been answering countless let
credit rating. let's get a deal done on the fiscal cliff. there was good news today on housing. construction of new homes hit a four-year high in october. >>> now our fourth story "outfront." urgent talks for a truce. tonight secretary of state hillary clinton in jerusalem. she made a last-minute effort to broker a deal to stop the fighting between israel and hamas. but as you've been seeing over the past hour, there are more explosions in gaza city. huge plumes of smoke going up, anderson, as you see there, ben wedeman, arwa damon all there describing it as an escalation they have seen. these are the largest blasts they have seen in the last couple days and the attacks come hours before secretary clinton is scheduled to travel to ramala to meet with president mahmoud abbas. when that meeting is done, she goes to egypt to meet with the man at the center, mohamed morsi. two men who shaped foreign policy, jamie reuben, director of public affairs and nick burns, political affairs and ambassador to nato. the two perfect people to answer the question. jamie, let me ask you, what kin
'll have to do it again. coming up, we have don peebles joining the program. fiscal cliff, tax policy and the state of business from a man with skin in the game as he makes his way to the table. "squawk" is coming back right after this. tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-800-433-9947. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and man
to campaign mode as the white house decided to lobby for public support of his fiscal cliff policy positions rather than negotiate a compromise. president obama believing he won a mandate with 51% of the popular vote in last month's election. sitting down today with small business leaders at the white house meaning tomorrow with the ceos of larger firms and middle class taxpayers, and then a true campaign-style rally held in a toy factory on the outskirts of philadelphia friday where the president continues his christmas themed attacks against republicans and their positions. a meeting to hash out a deal with congressional leaders not on the president's schedule as of this moment. we'll take all of this up here tonight, and republicans taking action to resolve at least part of the illegal immigration dilemma, a strong moderate alternative to the democrats' dream act proposed, a dramatic republican pivot on the issue led by two outcoining republican senators who, today, introduced the achieve act. senator hitchenson of texas works on the legislation for almost a year, among our guests here to
to get wealthy. do the 80% do particularly badly on the fiscal cliff? >> i would answer your question slightly different. i got to live the american dream. built a business from nothing to real size by providing what the consumer and the businessman wanted. i'm scared to death that america is losing that ability. we see it in the banking business where the american banking environment is much tougher to deal with than even the uk, british environment which is much more friendly to business. i'm afraid that as the government turns the screws on the large banks, they're going to destroy the regional and small bank which really drive the american economy. >> it's a tough, it's a tough sentence, and i know that you understand the small guys, because you work with them to become large guys. and then they're loyal to you forever. >> correct. >> i'm sure the same thing is going to happen in london. i want to thank vernon hill. remember, "it's fans, not customers." this is the right book for the right time. "mad money" is back after the break. thank you, vernon. oh, hey mike. what are you up
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